EURO-USD
EURUSD PATH PREDICTION (OCTOBER WEEK 1)I expect price to stay within the current rising channel and starting the week with an upside breakout due to the bullish flag. This chart will be used to place limits and stop loss appropriately. Wish me luck (;
EURUSD is my favourite pair to trade the channel and trading range.
Eur/Usd: Bearish SetupLast week we saw this pair test key support on Friday, with price remaining above it, many looked at this area as potentially oversold. This keeps the chances valid to resume the bullish move. with its targets beginning at "1.1300 - 1.1350" But taking into concideration the bearish pin bar "Daily" & "4H" we will need to see a beak bellow "1.1200 to confirm bearish momentum
GBPUSD - Brexit pendingWill be taking a long position on GBP/USD based on the following reasons:
- Bullish hammer candle on Weekly TF.
- Rejection of 0.786 fib
- Respected ascending trendline
You might be thinking that I am super crazy by taking this trade, especially with the referendum only a couple of days away, however I feel as though the UK will not be leaving the EU and this is purely my opinion. I am willing to take on a higher risk as the risk/reward ratio is a lot higher. I expect a 1500 pip move as a minimum, which would blow away some really key levels regardless of which way the vote goes.
If you are taking a similar trade and running the risk, ensure that your brokers either have a guaranteed stop loss or a NBP (negative balance protection) to ensure that you do not end up with a blown account.
Trade safe